TBI Corn share price makes a bumper debut, stock opens with 110% premium at ₹198 apiece on NSE SME

TBI Corn share price made a bumper debut on NSE SME today. TBI Corn share price opened at ₹198, which is 110.64% higher than the issue price of ₹94. Following a blockbuster debut, the stock was locked in 5% upper circuit. 

TBI Corn IPO subscriptions commenced on Friday, May 31, and concluded on Tuesday, June 4. The issue's price band was set at ₹90-94 per share. TBI Corn's IPO lot size was 1,200 shares. TBI Corn IPO subscription status was 231.21 times, on the last day of bidding, according to chittorgarh.com.

In the initial public offering, 50% of the net offer went to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors as equity shares. The market maker reserved up to 2,40,000 equity shares (5.02% of the offering).

According to the Red Herring Prospectus (RHP), the firm offers a wide range of goods, including GMO-free, chemically additive- and preservative-free corn flakes, stone-free broken maize and corn flour, cleaned and fat-free corn grits/meal, and turmeric finger.

 The firm does not have a precise equivalent listed peer, hence no peer group information has been supplied.

From March 31, 2022 to March 31, 2023, TBI Corn Limited's profit after tax (PAT) grew by 1419.24%, while sales increased by 39.07%.

The TBI Corn IPO raised ₹12.77 crore from anchor investors, according to chittorgarh.com.

Also Read: TBI Corn IPO booked over 30 times on day 2 so far; check GMP, subscription status, more

TBI Corn IPO details

The TBI Corn IPO, valued at about ₹44.94 crore, consists of a fresh issuance of 4,780,800 equity shares at face value of ₹10. There's no offer-for-sale component

The proceeds of the new issuance will be utilized to fund general business objectives, cover incremental working capital requirements, and grow the current unit.

Swastika Investmart Ltd. and Ekadrisht Capital Private Limited are the book-running lead managers for the TBI Corn IPO, with Kfin Technologies Limited serving as the registrar. Ss Corporate Securities is acting as a market maker for the TBI Corn IPO.

Also Read: TBI Corn IPO price band set at ₹90-94 per share; issue to open on May 31

TBI Corn IPO GMP today

TBI Corn IPO GMP today or grey market premium is +66. This indicates TBI Corn share price were trading at a premium of ₹66 in the grey market, according to investorgain.com.

Given the upper end of the IPO price band and the existing grey market premium, the expected listing price for TBI Corn shares is ₹160 per, which is 70.21% more than the IPO price of ₹94.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Bajaj Housing Finance board approves IPO plan to raise ₹4,000 crore via fresh issue plus OFS component

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